During the past few months, the bear market cycle is starting to take its toll on the crypto industry’s workforce.
it had to lay off dozens of employees. Rain’s CEO and co-founder Joseph Dallago blamed the crypto bear market on the decision.
“As cryptocurrencies and global markets continue to slow down, this has, in turn, impacted businesses across the globe,” Dallago said in a statement to Bloomberg author Ben Bartenstein. “We have had to make tough decisions to be able to navigate through this period of uncertainty and we can confirm we have downsized our Rain workforce.”on May 23 that the company decided to reduce Buenbit’s staff.
No one knows how long the downturn will last, but layoffs are a sure sign of slowing growth and a bear market cycle. After the 2017 bull run, Bitcoin.com reported on numerous crypto firms laying off workers due to the bear market. However, when the bear market ended in 2020, the crypto industry saw mass hiring sprees and employers were in need of help to keep up with demand.
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